South Korea's ruling and opposition parties tentatively agree to postpone virtual asset taxation by two years

According to Yonhap News Agency, Oh Gi-hyung, floor leader of South Korea's ruling Democratic Party of Korea, said on the 11th after the conclusion of the tax subcommittee of the National Assembly's Strategy and Finance Committee that the ruling and opposition parties reached a consensus on postponing the virtual asset income tax. The government proposed a two-year postponement, and there was no major disagreement between the ruling and opposition parties. Bae Jin-young, floor leader of the opposition People Power Party, said the government should make responsible preparations in accordance with the postponement arrangement, and the National Assembly will closely review the preparations. The report said the virtual asset income tax was originally scheduled to take effect in January 2022, but was repeatedly postponed to 2023, 2025 and 2027 due to the need to prepare tax infrastructure and investor protection arrangements; The income tax law amendment proposed at the tax subcommittee centers on a two-year postponement of virtual asset taxation, but it was not voted on that day because the government opposed raising the basic deduction for virtual asset taxation, and lawmakers still had disagreements over provisions such as the obligation for exchanges to submit transaction data starting next year. Oh Gi-hyung said the final vote will be held on the last day of the tax subcommittee, and the taxation can currently be regarded as postponed by two years.

Source: 深潮 TechFlow